Russian consumer spending drops dramatically

RUSSIA / FSU POLITICS - In Brief 09 Apr 2020 by Alex Teddy
Consumer spending in Russia has fallen by 33% in a month. This is due to the lockdown.Non-working started on March 28 and will continue to the end of April. From March 28 to April 5. VTB account holders spend 33% less than usual. Sberbank account holders spent 23% less than the same period in 2019.Spending has all but stopped in certain sectors such as jewelry and clothing. Travel agencies, airlines, beauty salons and barbers have all seen a drop in over 90% in their takings. The non-working period will run till the end of April at least. Those who can work from home do so. The government says that 50% of the economy is working. Working hours have been reduced. A third of employees are on unpaid leave. 15% of people have been laid off. This from a survey by the Center for Strategic Research which was published on April 6.

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